Firstrade Rating: 
Overview of Firstrade
Even though it is often ignored, Firstrade manages to provide a strong brokerage experience in several areas. Let’s take a closer look.
Investments and Accounts
Firstrade is a brokerage firm built for self-directed trading. It does not provide financial planning or investment advice. Inside its brokerage accounts, clients can trade a respectable range of asset classes:
- Equities (including some penny and OTC stocks)
- Fixed-income assets
- Options
- Mutual funds
- Exchange-traded funds
- Closed-end funds
A brokerage account at Firstrade can be opened under several tax structures. These include:
- Coverdell ESA
- Individual
- Joint (WROS & Tenants in Common)
- Custodial
- Trust
- IRA
In addition to U.S. residents, people in a number of other countries can open brokerage accounts at Firstrade. International accounts can be opened online, which makes the process easier. Eligible countries are found mostly in Europe and Asia.
Domestic and international accounts both receive SIPC protection, which is the main safeguard for securities accounts in the United States. Firstrade also has supplemental coverage through Lloyd’s of London via Apex Clearing, with protection up to an aggregate of $150 million and a combined return cap of **$37.5 million** per customer, including up to **$900,000** in cash.
Cash Management
Besides self-directed investing, Firstrade also offers a Visa debit card. It can be added to an existing brokerage account. There is no setup fee and no annual fee. Check writing is available for domestic accounts.
The main drawback is the minimum account balance required to qualify, which is **$25,000**. There is also no ATM fee reimbursement policy. There are daily limits on purchases and cash withdrawals.
Through Firstrade’s clearing firm Apex, there is an FDIC-sweep program for uninvested cash. Firstrade
can move idle cash into one or more program banks, where the balance will earn 0.15% and receive FDIC protection subject to applicable limits.
Commissions and Minimums
Firstrade does not require any deposit to open a brokerage account, and there are no ongoing fees such as annual, low-balance, maintenance, or inactivity charges.
In its zero-fee account, Firstrade charges no commissions on most trades. These include stocks, ETFs, closed-end funds, mutual funds, and option contracts. Options have **no per-contract charge**, and there are no fees for exercises or assignments. Bonds are priced with markups and markdowns built into their prices. Primary-market CDs cost **$30** per transaction.
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Mobile App
Firstrade’s mobile app is simple to navigate, although it doesn’t have a large toolset. For example, there is no check-deposit widget, and we didn’t see any streaming video news. At the top, there is a magnifying-glass icon to search for something to trade. Mutual funds and fixed-income products cannot be traded on the mobile platform, so there is little reason to search for them there.
Stocks, ETFs, closed-end funds, and option contracts can all be searched. A stock or fund can be added to a watchlist, which can be either a device-based list or one that syncs with the website. Either way, it’s easy to scroll sideways and view more columns. Tapping on an item opens the asset’s profile, where charts and option chains appear.
A chart on a security’s profile starts in vertical mode. Tapping a rotate icon switches it to a horizontal full-screen chart. There are many technical indicators here, although drawing tools are still absent.
The app’s order ticket has separate buttons for buy to cover and sell short. There are a few advanced order types, including trailing and stop orders. The option trade ticket does not include P/L diagrams, although it does display Greek values and maximum gain and loss numbers (tap the Analysis button). There are also a few built-in strategies.
Website
Things get somewhat better on Firstrade’s website. Right away, charting is stronger. This time, there are drawing tools—and quite a few of them. Here are some examples:
- Cross Line
- Disjoint Angle
- Balloon
- Anchored Note
- Flag Mark
- Time Cycles
- Price Range
There is a full-screen mode that pulls a chart out of the browser window to create a true full-screen viewing experience. A chart can also be compared to another symbol or index, and there are many technical studies available.
At the bottom of Firstrade’s website, there is a trade bar. It can be minimized if desired. Even in its compact mode, important trading data are still visible. These include volume and the bid-ask spread. Expanding the trade bar reveals the full order ticket, which can be used for stocks or options.
To actually locate something to trade, Firstrade offers security screeners. There are many search criteria, and the screeners are simple to use. Clicking a result opens the asset’s profile. Because Firstrade partners with Morningstar, there is a lot of information available.
Some stocks include a feature called Morningstar’s Analysis, which is free to use. Examples of the information found here include fair value, economic-moat ratings, and star ratings at higher and lower prices. Some stocks also come with commentary from Morningstar analysts.
Other important data from Morningstar include sustainability scores, trailing returns, and portfolio composition for funds.
For options traders, the Firstrade site provides **OptionsPlay** tools. These are free and include useful analytics for derivatives, such as trade ideas based on stock sentiment and profit-loss diagrams.
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Margin Service
A brokerage account with Firstrade can be opened as either a cash or margin account. An existing cash account can be upgraded to margin status using this pdf form or through a more convenient online application (go to My Account, then Profile, and choose Account Status).
Firstrade’s tiered margin schedule is decent by industry standards. It starts at 12%
for debit balances under $25,000 and ends at 8% for balances above $1 million.
Firstrade’s trade bar shows initial margin details for entered ticker symbols on both long and short positions. The website also shows short-interest details. A standard stock will usually have a **50% initial margin requirement** and a **25% maintenance requirement** in a non-concentrated account. A concentrated account, which means a single position makes up more than 60% of the account’s total marginable market value, has a **50% maintenance requirement**. Stocks priced below **$3** are not marginable at Firstrade.
Customer Support
The website has a Service tab in the top-right menu. Under this tab, we found a variety of self-help tools, including a Help Center with answers to important FAQs. There is also a Form Center where many forms are available in both pdf and online formats. A short video there shows how to upload a document on the Firstrade website.
For problems that can’t be solved through the self-help tools on the site, there is also an email form for non-urgent requests. For urgent needs, phone support is available. Firstrade’s contact page now shows its phone line as **available 24/7**. Some representatives speak Mandarin and Cantonese.
Firstrade’s main website still does not offer branch locations.
Bonus Services
IPO Access: Firstrade does not offer a traditional IPO-allocation program, although it does maintain information on upcoming IPOs.
Securities Lending Income Program: Investors at Firstrade can earn income from shares they already own by lending them out. The digital enrollment form is on the Profile page we already visited.
DRIP Service: Firstrade has a Dividend Reinvestment Program.
Automatic Mutual Fund Investing: Available.
Fractional-share Trading: Available for **most stocks and ETFs**, with purchases starting at **$5**.
Individual Retirement Accounts: Firstrade customers can open a variety of IRAs. These include Roth, Traditional, Rollover, SEP, and SIMPLE. They have no fees, such as termination or annual charges.
Extended Hours: Pre-market, after-hours, and **overnight** sessions are available. Firstrade currently offers extended-hours trading from **8:00 a.m. to 8:00 p.m. ET** and overnight trading from **8:00 p.m. to 4:00 a.m. ET** on eligible securities.
Firstrade Review Summary
Firstrade is a straightforward brokerage firm with services that cost little to nothing. Traders who want
very advanced software will still need to look somewhere else.
Firstrade Commissions
| Investments | Price |
|---|
| Stocks and ETFs |
$0
|
| Options | $0 per contract |
| Mutual funds | $0 |
| Treasury Bills, Notes, Municipal and Agency Bonds, Zeros & Strips | net yield basis |
| CDs | $30 for primary market CDs, net yield basis for secondary market CDs |
Firstrade Account Fees
| Fee | Amount |
|---|
| IRA Setup Fee | $0 |
| Annual IRA Fee | $0 |
| Roth IRA conversion or Recharacterization Fee | $0 |
| Full Account Transfer Out | $75 |
| Partial Account Transfer Out | $55 |
| Outgoing Wire Fees (Domestic) | $25 |
| Outgoing Wire Fees (International) | $25 |
| Account Closing Fee | $0 |
Updated on 4/14/2026.
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